According to people familiar with the matter, The Walt Disney Company is planning to cut thousands of jobs. The entertainment giant has asked some management to target annual cost cuts of 20%. According to people familiar with the matter, these cost savings may come from job abolition and reduction of various expenses. Due to the confidential nature of the discussions, these individuals requested anonymity. Disney's business covers theme parks, TV networks, and film studios, etc., and some of these businesses will be particularly affected. People familiar with the matter revealed that CEO Josh Damaro plans to reinvest some of the savings in film and television production, technology, and theme park and cruise businesses. The company has previously promised that its adjusted earnings per share will grow by double digits in the current fiscal year. A Disney representative declined to comment on the matter.

Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.